Investor Suit Over Vestin REIT Conversion Nixed

Law360, New York (February 12, 2010, 3:00 PM EST) -- A California state court has sided with Vestin Mortgage Inc. in a class action brought by investors who voted against the conversion of two of the company's mortgage funds into real estate investment trusts.

On Thursday, the Superior Court for the State of California in San Diego ruled in favor of Vestin, finding that the investors did not prove that the company was required to offer roll-up rights when it converted the funds into REITs.